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Stop Paying Rent

How to Stop Paying Rent and Own Your Own Home

 

Don’t pay another cent in rent to your landlord! 

 

It’s a dream we all have – to own our own home and stop paying rent.  But if you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours.  How could it when you’re not even permitted to bang in a nail or two without a hassle?  You feel like you’re stuck in the renter’s rut with no way of rising up out of it and owning your own home

Well, don’t feel trapped anymore!  It doesn’t matter how long you’ve been renting, or how insurmountable your financial situation may seem.  The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner.  With this information, you will begin to see how you really can:

– save for a down payment

– stop lining your landlord’s pockets, and
– stop wasting thousands of dollars on rent.

 

6 Little Known Facts That Can Help You Buy Your First Home

 

The problem that most renters face isn’t your ability to meet a monthly payment. Goodness knows you must meet this monthly obligation every 30 days already. The problem is accumulating enough capital to make a down payment on something more permanent.

But saving for this lump sum doesn’t have to be as difficult as you might think.  Consider the following 6 important points:

You can buy a home with much less down than you think.

There are some local or federal government programs (such as 1st time buyer programs) to help people get into the housing market.  You can qualify as a first time buyer even if your spouse has  owned a home before as long as your name was not registered.  Ensure your real estate agent is informed and knowledgeable in this important area and can offer programs to help you with your options.

You may be able to get your lender to help you with your down payment and closing costs.

Even if you do not have enough cash for a down-payment, if you are debt-free, and own an asset free and clear (such as a car, for example), your lending institution may be able to lend you the down-payment for your home by securing it against this asset.

 

You may be able to find a seller to help you buy and finance your home.

Some sellers may be willing to hold a second mortgage for you as a “seller take-back.”  In this case, the seller becomes your lending institution.  Instead of paying this seller a lump-sum full amount for his or her home, you would pay monthly mortgage installments.

 

You may be able to create a cash down payment without actually going into debt.

By borrowing money for certain investments to a specified level, you may be able to generate a significant tax refund for yourself that you can use as a down-payment.  While the money borrowed for these investments is technically a loan, the monthly amount paid can be small, and the money invested in both home and investment will be yours in the end.

You can buy a home even if you have problems with your credit rating.

If you can come up with more than the minimum down-payment, or can secure the loan with other equity, many lending institutions will consider you for a mortgage.  Alternatively, a seller take-back mortgage could also help you in this situation.

 

You can, and should, get preapproved for a home loan before you go looking for a home.

Preapproval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written preapproval for you at no cost and no obligation, and it can all be done quite easily over-the-phone.  More than just a verbal approval from your lending institution, a written preapproval is as good as money in the bank.  It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you’re looking for.

 

 

Consider dealing only with a professional who specializes in mortgages.  Enlisting their services can make the difference between obtaining a mortgage, and being stuck in the renter’s rut forever. Typically there is no cost or obligation to enquire.

To sum up, there are many important issues you should be aware of that affect you as a renter.  Why on earth would you continue to lose thousands by throwing it away on rent when with your agent you could take a few minutes to discuss your specific needs so that you can stop renting and start owning?

This conversation costs you nothing. And, of course, you shouldn’t have to feel obligated to buy a home at the time you review this.  But by taking the time to explore your options, and learn about the ways you can afford to buy a home, think how prepared and relaxed you’ll be when you are ready to make this important step.

9 Buyer Traps & How to Avoid Them

No matter which way you look at it, buying a home is a major investment.  But for many home buyers, it can be an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mistakes which trap them into either:

* paying too much for the home they want, or
* losing their dream home to another buyer or,
* (worse) buying the wrong home for their needs.

A systemized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that’s best for you.

This important article discusses the 9 most common and costly of these homebuyer traps, how to identify them, and what you can do to avoid them.

 

The 9 Buyer Traps

Bidding Blind

What price should you offer when you bid on a home?  Is the seller’s asking price too high, or does it represent a great deal?  If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bdding blind.  Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.

 

Buying the Wrong Home.

 

What are you looking for in a home?  A simple enough question, but the answer can be quite complex.  More than one buyer has been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small.  Maybe they’re stuck with a longer than desired commute to work, or a dozen more fix-ups than they really want to deal with now that the excitement has died down.  Take the time upfront to clearly define your wants and needs.  Put it in writing and then use it as a yard stick with which to measure every home you look at.

Unclear Title.

 

Make sure very early on in the negotiation that you will own your new home free and clear by having a title search completed.  The last thing you want to discover when you’re in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or the like.

Inaccurate Survey.

As part of your offer to purchase, make sure you request an updated property survey which clearly marks your boundaries.  If the survey is not current, you may find that there are structural changes that are not shown (e.g. additions to the house, a new swimming pool, a neighbor’s new fence which is extending a boundary line, etc.).  Be very clear on these issues.

Undisclosed Fix-ups.

 

Don’t expect every seller to own up to every physical detail that will need to be attended to.  Both you and the seller are out to maximize your investment.  Ensure that you conduct a thorough inspection of the home early in the process.  Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector’s report.  This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost.


Not Getting Mortgage Preapproval.

Preapproval is fast, easy and free.  When you have a preapproved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find the home of your dreams.

 

Contract Misses.

If a seller fails to comply to the letter of the contract by neglecting to attend to some repair issues, or changing the spirit of the agreement in some way, this could delay the final closing and settlement.  Agree ahead of time on a dollar amount for an escrow fund to cover items that the seller fails to follow through on. Prepare a list of agreed issues, walk through them, and check them off one by one.

 Hidden Costs.

 

Make sure you identify and uncover all costs – large and small – far enough ahead of time.  When a transaction closes, you will sometimes find fees for this or that sneaking through after the “sub”-total – fees such as loan disbursement charges, underwriting fees etc.  Understand these in advance by having your lender project total charges for you in writing.

 

 

 

Rushing the Closing.

Take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign.  Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted.  Is the interest rate right?  Is everything covered?  If you rush this process on the day of closing, you may run into a last minute snag that you can’t fix without compromising the terms of the deal, the financing, or even the sale itself.

One More Tip…

Find out if your agent offers a Buyer Profile System or “House-hunting Service,” which takes the guesswork out of finding just the right home that matches your needs.  This type of program will crossmatch your criteria with ALL available homes on the market and supply you with printed information on an on-going basis. A program like this can help you to affordably move into
the home of your dreams.

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Residential For Sale

567 Main Street, Liverpool, NS B0T 1K0

3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
24Picture(s)
1,584Sqft
EXIT Realty Inter Lake Liverpool
C$174900

Residential For Sale

567 Main Street, Liverpool, NS B0T 1K0
3Bedroom(s)
1Bathroom(s)
DetachedParking(s)
1,584Sqft
EXIT Realty Inter Lake Liverpool
Here's your chance to get into the hot South Shore real estate market! This 3 bedroom home needs some TLC, but has good bones and is in a fantastic central location in beautiful Liverpool! The main floor features a large kitchen and living room, along with a sunroom and a main floor bedroom and bathroom.
C$174900

Residential For Sale

567 Main Street, Liverpool, NS B0T 1K0
EXIT Realty Inter Lake Liverpool
3Bedroom(s)
1Bathroom(s)
C$174900

Residential For Sale

1939 Cow Bay Road, Cow Bay, NS B3G 1K6

3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
47Picture(s)
3,245Sqft
Avalon Realty
C$975000

Residential For Sale

1939 Cow Bay Road, Cow Bay, NS B3G 1K6
3Bedroom(s)
4Bathroom(s)
AttachedParking(s)
3,245Sqft
Avalon Realty
At the end of a curving tree-lined driveway, you're greeted by a classic two story colonial-style home and the sound of the ocean when you step out of the car in front of the double bay garage. It is hard to believe you are only minutes from the city. That's 1939 Cow Bay Road. The main door opens on a centre hall with a winding staircase to the second floor and a hallway to the kitchen.
C$975000

Residential For Sale

1939 Cow Bay Road, Cow Bay, NS B3G 1K6
Avalon Realty
3Bedroom(s)
4Bathroom(s)
C$975000

Residential For Sale

14 Linden Avenue, Bridgewater, NS B4V 1J6

3Bedroom(s)
1Bathroom(s)
SingleParking(s)
35Picture(s)
1,778Sqft
EXIT Realty Inter Lake
C$349900

Residential For Sale

14 Linden Avenue, Bridgewater, NS B4V 1J6
3Bedroom(s)
1Bathroom(s)
SingleParking(s)
1,778Sqft
EXIT Realty Inter Lake
Located on a quiet street in the heart of Bridgewater, this cozy 3-bedroom, 1-bathroom home offers the perfect blend of in-town convenience and peaceful living. Just minutes from all amenities—including schools, shopping, parks, and restaurants—this property is ideal for families, first-time buyers, or anyone looking to settle into a welcoming community.
C$349900

Residential For Sale

14 Linden Avenue, Bridgewater, NS B4V 1J6
EXIT Realty Inter Lake
3Bedroom(s)
1Bathroom(s)
C$349900

Residential For Sale

3508 Highway 209, Advocate Harbour, NS B0M 1A0

1Bedroom(s)
2Bathroom(s)
AttachedParking(s)
11Picture(s)
864Sqft
Coldwell Banker Open Door Realty Ltd.
C$89500

Residential For Sale

3508 Highway 209, Advocate Harbour, NS B0M 1A0
1Bedroom(s)
2Bathroom(s)
AttachedParking(s)
864Sqft
Coldwell Banker Open Door Realty Ltd.
This one of a kind over-under setup offers more than just a place to live - it's a chance to launch something exciting. The upstairs apartment features a cozy layout with a living room, small kitchen, bedroom and bathroom - perfect for comfortable, independent living. Downstairs, the compact lower unit has been reconfigured from the former reception area of the on site garage.
C$89500

Residential For Sale

3508 Highway 209, Advocate Harbour, NS B0M 1A0
Coldwell Banker Open Door Realty Ltd.
1Bedroom(s)
2Bathroom(s)
C$89500

Residential For Sale

288 Atlantic Street, Sydney Mines, NS B1V 1W8

3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
50Picture(s)
1,119Sqft
3% Realty Nova Scotia
C$194000

Residential For Sale

288 Atlantic Street, Sydney Mines, NS B1V 1W8
3Bedroom(s)
2Bathroom(s)
DetachedParking(s)
1,119Sqft
3% Realty Nova Scotia
Welcome to 288 Atlantic Street, a character-filled 1.5-storey home nestled in the heart of Sydney Mines, Cape Breton. This well-maintained property blends timeless charm with everyday functionality. Inside, you'll find three comfortable bedrooms and a full 4-piece bathroom on the upper level, offering space for the whole family.
C$194000

Residential For Sale

288 Atlantic Street, Sydney Mines, NS B1V 1W8
3% Realty Nova Scotia
3Bedroom(s)
2Bathroom(s)
C$194000

Residential For Sale

8269 Cabot Trail, Margaree Forks, NS B0E 2A0

3Bedroom(s)
1Bathroom(s)
GravelParking(s)
39Picture(s)
1,224Sqft
Engel & Volkers
C$189900

Residential For Sale

8269 Cabot Trail, Margaree Forks, NS B0E 2A0
3Bedroom(s)
1Bathroom(s)
GravelParking(s)
1,224Sqft
Engel & Volkers
Opportunity knocks in one of Cape Breton’s most picturesque and sought-after regions. This charming old home, nestled in the heart of Margaree Forks, offers beautiful views of the Margaree Valley and is just minutes from beaches, golfing, hiking trails, and essential amenities.
C$189900

Residential For Sale

8269 Cabot Trail, Margaree Forks, NS B0E 2A0
Engel & Volkers
3Bedroom(s)
1Bathroom(s)
C$189900

Residential For Sale

70 Carlheath Drive, Wellington, NS B2T 1J4

5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
50Picture(s)
3,390Sqft
Royal LePage Atlantic
C$689900

Residential For Sale

70 Carlheath Drive, Wellington, NS B2T 1J4
5Bedroom(s)
3Bathroom(s)
AttachedParking(s)
3,390Sqft
Royal LePage Atlantic
Cozy at Carlheath – Your Family’s Sunshine Retreat Welcome to a bright and spacious family sanctuary tailored for modern living. This charming 4+1 bedroom, 2.5 bath home unfolds on three levels, with all four upper-level bedrooms just steps from one another—perfect for parents who want everyone close yet comfortable.
C$689900

Residential For Sale

70 Carlheath Drive, Wellington, NS B2T 1J4
Royal LePage Atlantic
5Bedroom(s)
3Bathroom(s)
C$689900

Residential For Sale

50 Fenwood Road, Halifax, NS B3N 1G8

3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
43Picture(s)
1,304Sqft
Royal LePage Atlantic - Valley(Windsor)
C$595000

Residential For Sale

50 Fenwood Road, Halifax, NS B3N 1G8
3Bedroom(s)
3Bathroom(s)
No GarageParking(s)
1,304Sqft
Royal LePage Atlantic - Valley(Windsor)
It's impossible to find a perfect, inclusive neighbourhood, but 50 Fenwood Road comes very close! This warm and inviting 3-bedroom, 2.5-bath home is within walking distance of 2 swimmable lakes, multiple hiking paths and surrounded by trees, all in a quiet residential neighbourhood. While out walking or sitting on the deck, you would never know you are only 10 minutes from downtown.
C$595000

Residential For Sale

50 Fenwood Road, Halifax, NS B3N 1G8
Royal LePage Atlantic - Valley(Windsor)
3Bedroom(s)
3Bathroom(s)
C$595000

Residential For Sale

326 Shelburne Street, New Glasgow, NS B2H 3K4

4Bedroom(s)
2Bathroom(s)
SingleParking(s)
30Picture(s)
1,998Sqft
Royal LePage Atlantic(Stellarton)
C$299900

Residential For Sale

326 Shelburne Street, New Glasgow, NS B2H 3K4
4Bedroom(s)
2Bathroom(s)
SingleParking(s)
1,998Sqft
Royal LePage Atlantic(Stellarton)
This charming and solid 2.5-storey, 4-bedroom, 1.5-bath home is move-in ready and fully furnished, making it the perfect turn-key option for first-time buyers or growing families. Located within walking distance to schools, trails, and all the conveniences of downtown New Glasgow, this home offers the ideal blend of comfort, space, and convenience.
C$299900

Residential For Sale

326 Shelburne Street, New Glasgow, NS B2H 3K4
Royal LePage Atlantic(Stellarton)
4Bedroom(s)
2Bathroom(s)
C$299900

Residential For Sale

481 Frasers Mountain Branch Road, Woodburn, NS B2H 5C4

4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
46Picture(s)
1,794Sqft
Blinkhorn Real Estate Ltd.
C$349900

Residential For Sale

481 Frasers Mountain Branch Road, Woodburn, NS B2H 5C4
4Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,794Sqft
Blinkhorn Real Estate Ltd.
Nestled in a peaceful and highly sought-after area, 481 Frasers Mountain Branch Road offers the ideal mix of comfort, privacy, and convenience. This well-maintained, one-owner home sits on 3 beautiful acres—providing space to enjoy the outdoors—while being just 5 minutes from New Glasgow and 10 minutes from Melmerby Beach.
C$349900

Residential For Sale

481 Frasers Mountain Branch Road, Woodburn, NS B2H 5C4
Blinkhorn Real Estate Ltd.
4Bedroom(s)
1Bathroom(s)
C$349900

Residential For Sale

15 Fox Pen Road, Tantallon, NS B3Z 2M5

2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
24Picture(s)
1,042Sqft
Harbourside Realty Ltd.
C$449500

Residential For Sale

15 Fox Pen Road, Tantallon, NS B3Z 2M5
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
1,042Sqft
Harbourside Realty Ltd.
A Hidden Gem in Tantallon. Charming brick bungalow on a 4.6 acre lot. Welcome to your slice of serenity just minutes from the heart of Upper Tantallon. This 2 bedroom 1 full bath family home sits proudly on a 4.6-acre lot, offering a perfect blend of privacy, convenience and potential. Step inside to find a freshly painted interior, complemented by oil heat and a heat pump for year-round comfort.
C$449500

Residential For Sale

15 Fox Pen Road, Tantallon, NS B3Z 2M5
Harbourside Realty Ltd.
2Bedroom(s)
1Bathroom(s)
C$449500

Residential For Sale

123 Candy Mountain Road, Mineville, NS B2Z 1K4

4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
50Picture(s)
2,395Sqft
Royal LePage Atlantic
C$899900

Residential For Sale

123 Candy Mountain Road, Mineville, NS B2Z 1K4
4Bedroom(s)
3Bathroom(s)
DetachedParking(s)
2,395Sqft
Royal LePage Atlantic
Welcome to your waterfront dream home! This exquisite one-year-old bungalow offers the perfect blend of modern design, comfort, and lakefront tranquility on beautiful Lawrencetown lake (power boat friendly).
C$899900

Residential For Sale

123 Candy Mountain Road, Mineville, NS B2Z 1K4
Royal LePage Atlantic
4Bedroom(s)
3Bathroom(s)
C$899900
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